A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 4:3:2:1 basis, respectively.

Capital balances at the current time are

Bell, capital $ 50,000

Hardy, capital 56,000

Dennard, capital 14,000

Suddath, capital 80,000

Bells creditors have filed a $21,000 claim against the partnerships assets.

The partnership currently holds assets of $300,000 and

liabilities of $100,000.

An independent appraiser indicates that the asset can be sold for $190,000.

Prepare a statement of partnership liquidation to determine the amount of cash that Bell would receive from the sale of the partnership